Define Payment Plan Rules

Payment plans have rules that determine what how the payment plans should be handled and which letters are sent as part of the plan. This option will define those rules.

Step 1: Navigate to Administration > Payments > Define Payment Plan Rules.

Step 2: The Define Payment Plan Rules dialogue box will pop up.

Step 3: Define Payment Plan Rules Field Explanations

Minimum Plan Balance
The minimum amount that an account must owe to be set up on a payment plan.

Minimum Payment Amount
The minimum payment amount allowed.

Maximum No. of Payments
The maximum number of payments allowed on a plan.

Payment Plan setup feeEnable this feature if you charge a Payment Plan setup fee and the amount will be factored into the payment plan. Also select to allow the user to override if some situations you would disable the payment plan setup fee. To learn more about defining the payment fees, click here.

Recalculate payment plans upon paymentThis options will allow for an automatic update of the payment plan when a payment is made that over or under pays the account. Instead of having a paid hold it will automatically remove the extra payment from the last payment in the schedule. This can be helpful to eliminate the confustion of Post Hold. Also, select to allow the user to override this option if necessary.

Recalculate payment plans upon adjustmentThis option will automatically include any adjustment positive or negative into the payment plan. For example, if an adjustment of $100 was made the extra $100 will be added into the payment plan, or a negative amount will reduce payments. It will maintain the payment agreement you have setup with the debtor, so if you agreed to $50 a month it will add or subtract $50 payments to keep with that agreement. Also, select to allow the user to override if necessary.

Automatically Send Reminder Letter
Check this box to have the system automatically send reminder letters. Choose Letter name and how many days prior to due date to send the letter. This will run automatically in the nightly process events, and any letters generated will be placed in the Letter Queue.

Automatically Send Delinquent Letter
Check this box to have the system automatically send a letter when a debtor fails to make a scheduled payment. Choose letter name and how many days late the payment must be to send the letter. This will run automatically in the nightly process events, and any lettersgenerated will be placed in the Letter Queue.

Payment Plan Agreement Letter
Select a letter that can be printed for the Debtor at the time the payment plan is set up.

This can be printed automatically from Payment Plan setup screen when you “Save” payment plan, you will use the “Save and Print Agreement Letter” button instead.

Step 4: Set Click Save Changes to save Payment Plan rules.

Main Support Line:

          
All Support Team Members (866) 684-7387 RR_Support@revq.com
Chris Stickney (Support) Ext. 5673 Chris.Stickney@revq.com
Angel Davis (Support) Ext. 5756 Angel.Davis@revq.com
Kellie Mendenhall (Trainer)   Ext. 5676 Kellie.Mendenhall@revq.com
Aaron Burge (Installation) Ext. 5710 Aaron.Burge@revq.com

 

Mailing Address

4400 NE 77th Avenue, STE 100
Vancouver, WA 98662